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From: Junius W. Peake
Regulation NMS – File No. S7-10-04 Once again the New York Stock Exchange ("NYSE" or "Exchange") is asking for special consideration from the Commission to delay its schedule to accommodate their new, proposed hybrid market. For the past year or more the Commission has regularly gone out of its way to approve—without the usual comment time—almost each and every rule change proposal from the NYSE, including a series of anticompetitive rule proposals that provide special privileges to specialists and floor brokers. Now, just less than a month before the implementation of Regulation NMS, the Exchange wants a postponement of four weeks before the implementation of what is the Commission's capstone rule. The NYSE states it cannot use IOC ("Immediate or Cancelled") orders as they are presently programmed. Why should that hold up next step toward the national market system, mandated by the Congress in 1975, more than three decades ago? Why not them use all the other types of orders if they can until their programming for IOC orders is completed. Other markets that are an integral part of the national market system are ready to go ahead. Many have planned their marketing and operational plans based on the Commission's deadline, and will be adversely affected by any delay. The Commission should not agree to this request for extension by the NYSE. --
Junius W. Peake |